LONDON, July 11 (Reuters) - Nigerian oil was selling
consistently on good European gasoline margins as a handful of
spot cargoes remained for July loading -- though a sizeable
overhang looms -- while traders reported an outage to the
Saturno crude stream offshore Angola.
NIGERIA
* High European gasoline cracks provided an incentive for
imports of Nigerian oil, as the Philadelphia refinery outage has
boosted margins and gasoline exports from Europe.
* Around 6-8 cargoes of Nigerian crude were heard to remain
for July loading.
* Higher production on the Forcados and Bonny light streams
for August loading suggests Nigeria may have a sizeable overhang
when new programmes emerge next week even amid higher demand.
* BP sold two cargoes, an Escravos and Okono, to CEPSA as
southern European gasoline margins were also robust.
ANGOLA
* Two traders said a days-long outage at the Saturno
offshore field was behind the deferral of a cargo of the grade
by state oil company Sonangol to next month.
* It was not possible to immediately confirm the outage nor
whether it was planned or due to maintenance with Sonangol or
BP, which operates the block.
* Less than 10 cargoes of crude remained for August loading,
as the Dubai-Brent spread measuring the competitiveness of
Middle East versus Atlantic grades remained relatively
favourable compared to most of this year.
* Chad's August-loading programme of heavy sweet Doba crude
was heard to have sold out, amid strong demand for such grades
due to looming marine fuel regulations and the absence of
comparable Iranian and Venezuelan grades.
TENDERS
* India's IOC issued a tender to buy crude for Sept. 16-25
loading, set to close on Thursday.
RELATED NEWS
* OPEC forecast world demand for its crude will decline next
year as rivals pump more, pointing to the return of a surplus
despite an OPEC-led pact to restrain supplies. * Police fired guns and teargas in a clash with a protesting
Shi'ite Muslim group in Nigeria's capital city Abuja, Reuters
witnesses saw.